New Zealand Oil & Gas (Nzog) on March 10 said it has applied to relinquish petroleum exploration permit 55794, called Toroa, which contains the Kaipatiki prospect. 

PEP 55794 is the last of Nzog’s exploration permits in New Zealand. The company believes that the same confluence of events that led it to relinquish the Clipper permit are at play here as well.  “We have exhausted all avenues to find a potential partner to progress drilling this acreage and so reluctantly relinquish,” CEO Andrew Jefferies said. 

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Nzog last month applied to relinquish Clipper permit citing adverse regulatory settings for offshore exploration; the dry hole at OMV’s Tawhaki permit; the recent announcement terminating Wherry-1 drilling; and the effects of Covid-19 on drill rig costs and availability.  

“We remain active in New Zealand at the Kupe gas field in Taranaki and look forward to the start up of our compression project there late this year,” Jefferies said. “At a time of low hydro levels and tight gas supply in New Zealand Kupe is a standout performer, reducing coal consumption, cooking our excellent South Island Salmon, and helping renewables keep the lights on.” 

The Toroa permit is located in New Zealand’s Great South basin where Nzog is the operator with 100% interest.